In a market typically characterized by a singular directional movement, some industry leaders are suggesting a shift in dynamics for 2023. Steven McClurg, CEO of Canary Capital, shared insights during a podcast hosted by Paul Barron, indicating that XRP may diverge from Bitcoin’s trajectory this year, driven primarily by emerging enterprise use cases.
McClurg’s cautious stance on Bitcoin stems from its recent performance; he highlighted a potential peak reached on October 6, 2025, when Bitcoin hit $126,200. Since then, its value has declined approximately 35%, settling around $95,800. He expressed concerns about further downturns, projecting that Bitcoin could fall an additional 20-30% over the next six to nine months, potentially placing it between $65,000 and $77,000 before the end of the current market cycle. His outlook suggests that a new all-time high for Bitcoin may be unlikely in 2026, hinting instead at a deeper correction for the cryptocurrency.
Conversely, McClurg pointed to several networks, specifically the XRP Ledger and Hedera, as having robust prospects due to their potential in enterprise adoption and practical applications. He noted that platforms demonstrating clear utility—such as payment rails, tokenized assets, and stablecoin infrastructure—are more likely to retain their value when the speculative fervor wanes. While these assets may not experience dramatic price surges, he anticipates modest gains in the low double-digit range.
Despite this optimistic outlook for certain tokens, there is a prevailing caution regarding the overall market’s correlation. Critics warn that during significant downturns in Bitcoin’s price, altcoins often suffer disproportionately. As liquidity typically evaporates during these sell-offs, even tokens with recognized utility may face downward pressure.
From McClurg’s perspective, what appears most feasible is relative outperformance rather than total independence from Bitcoin. This suggests that while XRP and similar tokens may experience less severe declines or even modest gains, they are unlikely to completely shield themselves from the broader market movements. Such a scenario would still present notable opportunities for holders and enterprises interested in tokenization projects, even if it doesn’t result in explosive price increases.
